This is what type of loan? If John dies and Mary becomes the owner of their home, what type of ownership did they have? They would like to accept this new offer. school specializing in real estate courses real estate license exam preparation and real estate license qualification courses in california call 310 838 1000 for courses overview, a real estate broker or a real estate agent is a person who represents sellers or buyers of real estate real property while a broker may work independently an agent must The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. Ignorance C. Disability D. Retardation 2. All but which of the following forms of ownership are recognized in Maryland? How much will Arturo need to pay on closing day? Paid cash for heating bill,$165.00. Which of the following statements about lead is NOT true? Subsequently, the buyer is awarded a judgement against the seller. Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. The property is under contract and all contingencies have been met. For help with the national we have our free national real estate practice quiz. Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. PrepAgent offers real estate exam prep for all 50 states. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. Under federal Fair Housing law, which of the following acts is illegal? Mary and John are married with grown children. In Virginia, there are 120 questions on the exam (80 national and 40 state). The tenant dies. Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based on An agent working with immigrant buyers must be careful, not to steer the buyers to a neighborhood based on the language they speak. A credit to the seller has what effect on charges made to the parties involved in the transaction? \text { Inventory } & 1,250 & 1,400 \\ Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? the contract is voidable at the minor's option. This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. Who is responsible? What is the main reason for considering underground storage tanks (USTs) an environmental hazard? What did Agent Tyson engage in? What is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? While showing the property she notices that there is a serious slope to the porch floor. Emmy just bought a house. How much will he pay for the lot? tell the seller and encourage the seller to complete the negotiated sale. | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | c. a judgment lien (usually becomes general). Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? What is the lowest price the property can sell for to accomplish this? Which must the property owner obey? A tenant is aware that his lease will expire at the end of the month. Which of these is an economic characteristic that makes land a distinctive commodity?*. How do measure your property? Which of the following is false about a property manager? The tenant continues to pay the rent as prescribed in the lease. Which of the following is the most likely reason for the lien? The fact that an individual must go to the land described which of the physical characteristics of land? An office space is 24 feet long and 27 feet wide with 9-ft ceilings. Maria is planning to buy a house for $200,000. A sale is closing on June 15th and the annual property tax bill has not been paid. What is the defining feature of an estate for years? Find Property for sale in Gunzenhausen, Bavaria. A homeowner sells her primary residential home and realizes a profit of $185,000. The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. The new stucco leaks and mold grows. Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. What is the total purchase price? This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. C7. The basic principle of the income approach to value is: The states in which the owner gives up legal title of mortgaged real estate are known as: c. used in the capitalization/income approach to value. Pedro bought his house for $370,000. What is the difference between a bill of sale and a deed? Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? A buyer purchases the property and after closing discovers the problems. We have reviewed the material and found it to be slightly better than average content that will help you study for your real estate exam. Search for real estate and find the latest listings of Gunzenhausen Property for sale. What kind of agency does this describe? If she is successful, what will happen? the concentration of housing in a residential area. The rectangular survey system depends on what? Accurate record keeping is the responsibility of all the brokers. The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. What principle of value explains this? Where does the secondary market get its funds? S1. A. Requiring his license holders to work scheduled hours. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | What is FALSE? All states require real estate agents to be licensed by the state to engage in the sale of real estate. John and Mary are co-owners of a property. What gives a creditor the right to seize property as collateral for an unpaid debt? A grantor conveys property by delivering a deed. shiny $+\mathrm{er}=$. Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? The buyer is concerned about the location of the fence as it appears to be encroaching. The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. Ships from and sold by Amazon.com. What is the max amount of time allowed for a victim to file a Fair Housing complaint? Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? A buyer and his agent visit a listed property. By far, the most substantial chunk of the real estate license exam is the vocabulary.. C9. Who can require a buyer to purchase homeowners insurance? Real Estate Practice Exam Questions 1-50 (2020) The real estate license exam is divided into two parts: the national and your specific state portions. an agent must treat both clients and customers with honesty and fairness. A zoning ordinance would affect which of the following? National Real Estate Exam Practice Questions 4.6 (18 reviews) Term 1 / 219 A property owner has decided to do some landscaping work on his yard. Jordan took out a loan in the amount of $265,000. Last week, Mary died. Undivided ownership of an estate, with an interest that is exclusive from other owners is called: If a contract specifies a legal land description, it is most likely a(n): A debit to the buyer has what effect on charges made to the parties involved in the transaction? He has hired an agent to lease the houses. Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. She shows them many properties and finally they find one to buy. Which of the following is a lien on real estate? How long must a seller or landlord keep a copy of the lead paint disclosure? Tenancy from year to year. There is no one available to sign a quit claim deed to clear up the cloud. Liability for others by mandate of law or by express agreement is called: Which type of listing agreement is most likely to cause a conflict of interest, and is therefor discouraged? C6. | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. You will have between 2-4 hours to complete your exam. A landlord leased space in his new retail property to an inexperienced business person. The broker gets compensation regardless of who sells the property. Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? The seller counter offers for $392,500. That section can be used to study the topics featured on those . Accounts Payable-Supply Mart These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. What should the buyer's agent do in this case? Which of the following properties would be the least desirable neighbor? & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ Tyson then relays this information to a buyer, citing Benjamin as his source. What is this right called? Her annual interest rate is 4%. \hline \text { Cash } & \$ 650 & \$ 680 \\ Solve the application problem. What effect will Mary's death have on the Listing Agreement? 3. Send the clients to an attorney of their choice before they sign. The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | **Required** The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. The complex has an exercise room for all residents. Does John have to leave? $$ What is the difference between replacement cost and market value? Received cash from sales, $350.00. All of the following have been proven to pose health hazards EXCEPT: The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children, d. required (at least the mortgagee type) if there is a loan used in the purchase of the home. After his next closing, he replaces the client's deposit in his trust account. The commission agreed upon was 7% and Tareq gave half to the buyer's representative. It has a vacancy rate of 15%. A licensee who is charged with a violation of license law: When a mortgage lender provides the buyer with statements of all fees and charges the seller will incur, the lender is complying with which federal law? Paid cash for postage (Miscellaneous Expense), $32.00. A listing agent went to inspect a seller's property hoping to list it for sale. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. In North Carolina, there are 120 questions on the exam (80 national and 40 state). Who provides flood insurance to homeowners? The tree and shrubs are an example of. A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. Maria is considering the difference between an 80% LTV and a 75% LTV. It sells for $396,000. Cash This type of rent is referred to as. What should the buyer's agent do? What kind of lease is this? A young couple leases an apartment in an apartment complex for one year. The rules are in conflict with one another. Each question has four answer options. advertising property for sale only to childless couples. Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. What is the effect of replacing bad with hot, or dry in sentence two. A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. This is: acceptable as long as he has written records. What type of listing agreement did Melissa and Shane sign? Get BOTH Formats Instantly: home where a notorious convicted murderer once lived. A property is surveyed to determine a legal description. John has a three year lease on office space. CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. Which term describes this contract? John is purchasing a lot 125 feet wide and 127 feet deep for $5.65 a square foot plus $15 a front foot. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? Ready to Take Your Real Estate Exam? Which of the following does NOT pledge property as security for a debt? If the assessment is 85% of the market value, what is the market value? If your practice exam isnt timed, set a timer. The deed contains five covenants. What is the salespersons obligation to a buyer under single agency listing? Can he advertise this accommodation? He lists his property for sale "as is", and does not disclose the problem. We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. What is this an example of? Which of the following would be most likely to hire a property manager? He has planted a tree surrounded by some flowering shrubs. Darleene is looking at an investment property. ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. The tenant becomes ill from the mold. What is another name for Contract for Deed. The sales associate's entire income is from sales commissions rather than an hourly wage. educate consumers about closing and settlement services. During the term of the listing the seller had disclosed confidential information to the agent. (The loan factors is $6.00). A developer decides to build a commercial property in the middle of a residential subdivision. (A take back is seller financing. Based on these facts, the sales associate will be treated by the IRS as: A woman conveys the ownership of an office building to a nursing home. What can the other property owners do to get him to comply? All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. Real estate practice exams are an excellent way to make sure you're using your test time wisely. In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: Which is exempt from the federal Fair Housing Act? 2. Practice of Real Estate Remedies under the new amendment include: 1) a civil penalty, not exceeding $16,000 for the first offense 2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years 3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. What type of freehold estate do they have? Journalize the transactions completed during March of the current year. How much equity does he have? At what cap rate did he purchase this property? The seller's gross sales price will be: A buyer is purchasing a condominium unit in a subdivision and obtains financing from a local bank. $$ 201 Kandy Dr. is now the smallest, shabbiest home on the block, but it recently appraised for more than a similar home in a less-upgraded neighborhood. M2. What are an agents duties to his principal? Dont forget to read the explanations so you fully understand the question. What does this mean? What are Mark's rights with respect to a commission from the sellers? Darla is suing Arlo for specific performance. For non-real estate transactions, it covers up to $25,000. mi familia y yo. What type of loan has a rate linked to an economic index? What type of loan is this? Mortgage notes made in the primary market are bought and sold. Which of the following statements may represent the unauthorized practice of law? Yes. In terms of contract validity, what does mutual consent mean? CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . He paid off his loan of $138,500 and ha paid a 5% commission. What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. Her actions: which of the following is NOT a specific lien? What kind of tenancy does this tenant have? An appraiser is using the Market Data Approach to determine the value of a residential property. How much will she save on points if she chooses the 75% LTV? He will be making a down payment of 5%. Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. All parties to a contract agree to the terms of the contract. **2. How many square yards of carpet does he need? 15. Which of the following is NOT an example of functional obsolescence? They have some concerns about the contract and ask to speak an attorney. He has received on official notice requiring the removal of this type of fence. What is the purpose of a property management trust account? 19. A buyer makes an offer for $389,000. Paid cash to owner as withdrawal of equity, $1,400.00. If you want to earn $15 \%$ annual simple interest on an investment, how much should you pay for a note that will be worth $\$ 13,500$ in $10$ months? An owner sold his house for $250,000 with a $50,000 take back. A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. The listing agent learns the State Department of Transportation has authorized the construction of an exit ramp to the interstate right behind the commercial property. Find the slope of the graph of the following equation. A sub-divider who does not have a real estate license hires a broker to see her property. What is unique about an exclusive right-to-sell listing agreement? To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. Which of the following statements is true? a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. b. What is the total sale price? What kind of property is it? All experience a lower level of profit. Find your state and pick the right real estate exam prep package for you. How much does the selling broker earn? Although not an agent of either party, the broker may not disclose either party's confidential information to the other. Novation Substituting a new obligation for an old one. This is an example of A license holder is showing her own listing to a buyer customer. What can the owner do? An investor has 15 rent houses. T13. failure to display the equal housing poster in their office, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Literature and Composition: Reading, Writing,Thinking, Carol Jago, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Spell each of the following words, adding the suffix that is given. A metes and bounds legal description always returns to: What should a license holder do if a client instructs them to do something that would discriminate against a protected class? Wetlands typically contain which of the following? Which statement is TRUE of this arrangement? The sellers receive another offered for $395,000. What is the best way to study for the Real Estate Licensing Exam? That way, it's . The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. What is required from the listing agent in this situation?*. TILA does NOT apply to which of the following kinds of loans? A sales agent had a listing and the property did not sell. What happens to trade fixtures after a business moves out of a leased property? In order to be valid, what MUST a deed have? Homeowners are exempt from capital gains up to $250,000 per person every two years. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. This is an example of A father gives his son a life estate on a property. Homes in the subdivision are selling well, and the builder is making a good profit on the sales. mi madre. 22. Today we go through 50 questions from our real estate practice exam. point it out to the buyer as it is a material fact. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. The selling broker pays his sales associates 60% of the broker's commission. An example of a voidable contract is a contract that: is made with one party who is not competent. Both parties involved in an agency agreement agree to end the agreement early. **1. The title company has discovered an unsatisfied M&M lien on the property. refusing to show the houses to anyone over 75 years old, Which of the following would NOT be an operating expense included in the property manager's operating budget. A real estate professional signs a contract with a buyer. A seller is attending the closing on his property. Liens are prioritized by date of creation, with older liens being paid off first. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. Miscellaneous Expense This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. demand, utility, scarcity, transferability. At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? A real estate broker hired by an owner to sell a parcel of real property must comply with? Tyson doesn't see any visible evidence of pests. The present value of a property is affected by the anticipated income or utility that property will give its property owner. The tenant has a four year lease on the space. Dennis Marier, Capital He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. This ad is best described as, Which of the following facts about listed property must be disclosed, A lead paint disclosure is required for all properties built before. How is earnest money recorded on the closing disclosure, What type of mortgage loan would allow the property owner to borrow additional funds at future dates. We're pulling for you! Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. Your property borders a non-navigable waterway and you have riparian rights. Under the federal Fair Housing Act, is this legal? Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market A bill of sale is for personal property; a deed is for real estate. Tenancy at will. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) This represents a 20% profit. The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? This describes A landowner wants to sell his property. Based on this, before any prorations, how much cash will Burt have to bring to the closing? He sells 80% of it for $5,000 an acre. An underage college student signs a lease, then discloses his age to the landlord. The listing expired. The power of the government to seize citizen's private property without the consent of the owner. Broker B has signed a Buyer Representation Agreement with his clients. Which of the following statements is true? | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors?
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national real estate practice exam quizlet
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